So my father passed away...family issues with brother.

[ortiz34]

So sorry to hear this AV

Sucks your old man didn't want to "burden anyone", ALWAYS have to protect your assets with a trust

It sounds like you have everything in order, and know what to do.
What part of Maine?

 

[needtogetarmy]

My advice is not to worry about the $150k. Get your Mom in the home and think of that as the cost. You will spend that in 1yr to put her in a private home and she is probably going to be in a home for 10 plus years. This will be a bargain.

I'm not worrying about the 150K. I have no financial worries myself. I would rather have the state get it than my brother get a dime. I am worried about my mom. She really needs help and I'll make sure she gets help even if I have to pay out of pocket. I don't let family down. That is the ultimate sin.

 

[needtogetarmy]

So sorry to hear this AV

Sucks your old man didn't want to "burden anyone", ALWAYS have to protect your assets with a trust

It sounds like you have everything in order, and know what to do.
What part of Maine?

Fairfield. About 20 mins north of Augusta (next to Waterville). I was born in Bangor, my dad lived up in East Millinocket for about 3 years, then we moved to Fairfield and I lived there until I left for the USMC when I was 17. Beautiful place. I miss it.

Once I left I never looked back though. I was a wild child that had to go out and see and conquer the world.

 

[ortiz34]

your brother sounds like more of a leech than cw

I seriously lol'd my arse off

 

[ortiz34]

Fairfield. About 20 mins north of Augusta (next to Waterville). I was born in Bangor, my dad lived up in East Millinocket for about 3 years, then we moved to Fairfield and I lived there until I left for the USMC when I was 17. Beautiful place. I miss it.

Once I left I never looked back though. I was a wild child that had to go out and see and conquer the world.

cool man, LMK when you are coming up
we can try and meat up halfway or something for a beer and food

 

[needtogetarmy]

cool man, LMK when you are coming up
we can try and meat up halfway or something for a beer and food

I didn't reveal I am a Yankee fan tho. haha That would spoil the fun. I'm all for some Sam Adams tho.

 

[nangiggles]

mmm sam adams.... oktoberfest sam adams... gotta try it...

 

[ortiz34]

I didn't reveal I am a Yankee fan tho. haha That would spoil the fun. I'm all for some Sam Adams tho.

No, I didn't know that. Well you like the Steelers too, so it looks like you grew up in the 70's as a front runner anyways
You as a New Englander , should be ashamed of yourself.
Sam Adams is great man, let me know when you're coming and we'll see what we can work out.

 

[needtogetarmy]

No, I didn't know that. Well you like the Steelers too, so it looks like you grew up in the 70's as a front runner anyways
You as a New Englander , should be ashamed of yourself.
Sam Adams is great man, let me know when you're coming and we'll see what we can work out.

Definitely. I am a Celtic and Bruins fan. My dad was a Sox fan. I don't know how this happened but it seems me and a bunch of my friends that followed ball all went for the Yankess right around high school. lol I still get hell to this day.

The funny thing is the Sox are my second favorite team. I was stoked when they won in 2004. How can one not like a team with a history of having players like Yaz, Wiliams and Boggs and much, much more. Ted Williams is one of my all time fav players. That man had skill.

(Roberto Clemente is my #1 all time fav though)

 

[needtogetarmy]

My advice is not to worry about the $150k. Get your Mom in the home and think of that as the cost. You will spend that in 1yr to put her in a private home and she is probably going to be in a home for 10 plus years. This will be a bargain.

She is pulling in around $1400 now with SS and a small annuity my dad had.

I was thinking of taking the 401K and IRA and converting that into a fixed income security. If that is near 100K, and I can get 6% a year, that would be an additional $500 a month. Not much overall but I think a home or assisted living center could be around $1900 or so. I have no idea. The tax consequences need to be considered too.

The house is a mess. My dad (like my wife) was a real bad hoarder. I had to rent a 60 foot dumpster and I filled that and we had to rent another. The house is falling apart and it is so bad it cannot get insurance. An old friend I know is a big construction/home builder up in NH and for 40K I can fix it to get insured. It will cost another 30K to gut the inside and make it habitable for rental purposes.

Rather than doing the annuity I can use the money on the house, that would generate $400 per floor (it is a huge 3000+ square foot house - Old New England style home) and it would look beautiful if fixed. That would be $800 a month which would be more than the annuity and she would have money left over. I did all of the estimates when I was up there so that might happen if she is capable of living at home.

The problem I have with having my brother living there (and he will no matter what) is he smokes and is a pig. Ever see the TV show hoarders where they keep trash inside? He lives that way. My dad was clean, he just liked keeping everything, but my brother is beyond dirty.

That said, if I use the money to fix the home, and then I buy it and the use the rental income to support my mom, I am worried he will destroy the first floor.

I got Adult Protective Services involved so they can perform inspections etc. I will have them do that if I renovate the home.

Decisions, decisions.